Voltalia: From Brazil with Love (full report published today)
BUY, Fair Value EUR11.5 (+38%)
We are initiating the coverage on Voltalia with a Buy rating and a FV of EUR11.5 per share, implying 30% upside to current price. Following its EUR100m capital increase in July 2014 the group is now entering into its development phase through the gradual constructions and installations of its wind assets in Brazil. We anticipate Voltalia to achieve its breakeven point (on net profit level) by 2016 with an EBITDA at EUR65m and a net income at EUR0.3m.
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